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Latvia's GDP to increase 3% this year - European Commission's summer forecast
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    Latvia's GDP to increase 3% this year - European Commission's summer forecast

    RIGA, July 10 (LETA) - According to the European Commission's latest economic growth projections released on Wednesday, Latvia's gross domestic product will increase 3 percent this year.

    The Commission expects Latvia's economic growth to slow down to 2.8 percent in 2020, down from 4.8 percent in 2018.

    Inflation is projected at 3.1 percent this year and 2.5 percent in 2020.

    According to the Commission, Lithuania will post the fastest economic growth in the Baltics this year - 3.1 percent, while in 2020 Lithuania's GDP will increase 2.4 percent. Inflation in Lithuania is projected at 2.2 percent this year and 2.1 percent in 2020.

    GDP growth forecast for Estonia is 2.9 percent in 2019 and 2.3 percent in 2020, while inflation - 2.4 percent and 2.1 percent respectively.

    According to the Commission's summer forecast, the European Union's economic growth is expected to increase 1.4 percent this year and 1.6 percent in 2020, while the euro area's GDP will increase 1.2 percent in 2019 and 1.4 percent in 2020.

    Inflation in the EU is projected at 1.5 percent in both 2019 and 2020, while in the euro area - at 1.3 percent.

    The Commission also believes that Malta will achieve the fastest economic growth in the bloc this year - 5.3 percent, followed by Hungary and Poland (4.4 percent in each).

    Commenting the Commission's forecast for Latvia, the Commission's Vice-President for the Euro and Social Dialog Valdis Dombrovskis said that Latvia's economic development this year was still being driven by strong domestic demand and increasing exports. The main risk factors faced by Latvia include labor shortages and uncertainty caused by international trade conflicts.

    • Published: 10.07.2019 18:41
    • LETA
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